Europe Industrial Production Data For December Disappoints; Month-On-Month IP Down By 0.7%, Annual Change Up By Lower-Than-Expected 0.5%

A statue depicting European unity is seen outside the European Parliament in Brussels on Sept. 5, 2013. Photo: Reuters

Seasonally adjusted industrial production, or IP, in the month of December fell by 0.7 percent from the previous month in the euro area and the 28-nation European Union, official data from Eurostat showed Wednesday.

Compared to December 2012, IP grew by 0.5 percent in the 17-nation euro area and by 0.9 percent in the EU. A Wall Street Journal consensus estimate for the month-on-month change was a drop of 0.3 percent while estimates pegged annual growth to be at 1.9 percent.

Average industrial production for 2013, compared with 2012, dropped by 0.8 percent in the euro area and by 0.5 percent in the EU, Eurostat data showed.

Among the member nations for which data are available, IP fell in 19 countries and rose in four. The largest decreases were registered in Estonia (-5.7 percent), Sweden (-2.7 percent), the Netherlands (-2.6 percent) and Croatia (-2.4 percent), and the increases were in Slovenia (+2.7 percent), Greece (+2.6 percent), Portugal (+0.7 percent) and the United Kingdom (+0.4 percent).

A white Fiat van rammed into pedestrians outside enjoying a late afternoon stroll on Las Ramblas in Barcelona on Thursday killing at least 13 people and leaving hundreds injured. The Islamic State group claimed responsibility for the attack.